ff2,
The 'old' PE on the LGW 744s is still pretty good. I haven't sampled the 'new' PE yet, but in the older version you do get the benefit of larger than normal seating; it's not full recline, but not far from it. We travelled on the upper deck, which was great; very peaceful, and you felt like you were on a different flight from everyone else. If you can select your seat, I would recommend the upper deck, although I think some of the seats are reserved for Virgin Holidays.
Also, the cabin crew seemed more attentive to PE passengers. We had a Glasgow based crew on our PE flight, so maybe it was just Scottish charm, but we certainly felt well looked after. The champagne and brandy nightcaps were also a nice touch.
IFE will be exactly as per the rest of the aircraft.
All in all, it's a price you're never going to be happy paying, but once onboard, I thought it was worth every penny, if only to have the peace and quiet of the PE cabin...enjoy!